Bitcoin : Short term view and perspective
On yesterday's movement, bitcoin has shown its correction and rejection toward the anticipated resistance zone which is located very close to the swing high of current structure. The bears are now in control of current momentum with the bulls are having their rest time as the momentum is losing a lot of strength.
Just like what I've anticipated on the previous analysis, I've expected this moves as the consolidation zone which probably a kind of distribution. This is however a normal price behavior after we see previous huge mark up phase from the area of $9000 to $11000. At the distribution phase, usually we see a type of consolidation pattern such as the triangle, flag or anything that can represent the consolidation moves. I'll wait for the potential triangle pattern to be formed in near future and patiently waiting for the reaction of the price in the APEX of this triangle. I'm still staying bullish for now with potential $12000 to be tested once again in the future.
Just like what I've anticipated on the previous analysis, I've expected this moves as the consolidation zone which probably a kind of distribution. This is however a normal price behavior after we see previous huge mark up phase from the area of $9000 to $11000. At the distribution phase, usually we see a type of consolidation pattern such as the triangle, flag or anything that can represent the consolidation moves. I'll wait for the potential triangle pattern to be formed in near future and patiently waiting for the reaction of the price in the APEX of this triangle. I'm still staying bullish for now with potential $12000 to be tested once again in the future.
